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To: broadstbull who wrote (383117)	3/27/2009 8:39:43 PM
From: Giordano Bruno	Read Replies (1) \| Respond to of 436258

The International Monetary Fund doesn’t expect growth to return until “the course of 2010”. While waiting, profits are going to be slaughtered. Profits at non-financial US corporations fell by 9pc in 2008. In severe recessions, the average drop is more like 25pc, according to BNP Paribas. Globally, the rate at which analysts are cutting their earnings forecasts – a fairly accurate indicator of current profit, according to Société Générale – suggests a 40pc decline for quoted companies this year. That suggests investors are paying 20 times current earnings for stocks. telegraph.co.uk